GE or General Electric operates in different sectors such as manufacturing, renewable energy, digital industry, venture capital and finance, additive manufacturing and others. Originally founded as an electric company by Thomas Edison, the company grew to new heights of success within a short span. Thomas Edison has many business interests in companies that were mostly related to electricity. The company has proven how it can bounce back time and again. Amidst this pandemic, GE has proved it can still give tough competition to its competitors. The company is on a growing spree and is gaining momentum in 2021.
Its mission is to usher into the new industrial era and build, move, power and cure the world.
Its vision is to focus on the businesses that connect to its core competencies and is a market leader in.
- Act with humility
- Deliver with focus
- Lead with transparency
- Unyielding integrity
Early History Of General Electric:
- In 1889, Thomas Edison joined two others for forming storied conglomerates in USA
- In 1889, a company founded by J.P Morgan financed the research work of Edison
- In 1892, the company was merged with Thomson Houston electric company for forming the General Electric Company
- In 1893, GE bought the business of Rudolf Eickemeyer in New York
- In 1896, the company was one of the first 12 companies to be listed on Dow Jones
- The first electric range, the HotSpot was created in 1910
- In 1927, an executive of GE made the demonstration of TV broadcasts
- It developed the garbage disposal in 1935
- In the 1980s, Jack Welch, the chief executive, expanded the company into media
Growth Of General Electric In Modern Times:
- In 1962, the company developed its GECOS, operating system
- From the year 1964-1969, GE and Bell laboratories joined the MIT
- In 1970, the first artificial synthetic diamonds were created by GE
- In 1986, GE purchased the RCA Corporation
- In 1989, GE agreed to combine its European business interests
- It established an industrial research laboratory in the year 1990
- In 2002 the company acquired the wind power assets of Enron
- In the year 2008, GE filed for almost 2500 patents across the world
- In 2010, the company released electric bulbs needing 77% less energy
- In 2011, GE sold the majority of the stake in NBCUniversal to Comcast
- In 2011, it sold its $2 billion Mexican Assets to Santander
- In 2016, GE moved its headquarters from Connecticut to Boston
- In 2018, GE power garnered attention when 7HA gas turbine in Texas was shut down for around 2 months
- In 2019, GE’s key aviation business witnessed an 8% increase in revenue from the same quarter 2018
Four Ways GE Has Transformed The World Where We Live:
Where GE Stands Today?
- The company ranked among the Fortune 500 as the 21st biggest firm by revenue in USA (2019). The company now has over 370,000 employees, in more than 100 countries.
- GE stated in 2020, the COVID-19 infection would drag down the operating profit by $300 million
- Departures of aircraft service dropped by 60% in china while GE itself has put the travel restrictions in affected areas
- In 2021, the company projected it would generate $2.5 billion and $4.5 billion in the industrial cash flow
- The company closed the fourth quarter with $4.37 billion in industrial free cash flow. It surprised everyone with a 70% surge in fourth-quarter
- It was driven mainly by the renewable and power energy business
- The company is planning to increase its delivery of service engines with Boeing 737 Max deliveries resuming